CHARLOTTESVILLE, Va. - The University of Virginia's endowment has increased by nearly $1 billion during the past fiscal year.
The Daily Progress reports that the university's endowment jumped from $8.6 billion last year to $9.5 billion this year.
About one-third of U.S. universities have endowments, which allow them to invest money and get bigger returns that can eventually be turned into scholarships, endowed professorships or capital.
A 2017 study by the National Association of College and University Business Officers found that the size of the median endowment was approximately $127.8 million. UVA's endowment places it in the top five of public universities.
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